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CARE Reaffirms CMJ Breweries' Bank Facilities at 'CARE B-; Stable', Reduced to ₹56.50 Cr
Asgard Alcobev's subsidiary, CMJ Breweries Private Limited, had its long-term bank facilities reaffirmed at 'CARE B-; Stable' by CARE Ratings, with rated facilities reduced to ₹56.50 crore from ₹98.80 crore. The rating reflects past debt restructuring, leveraged capital structure, and negative net worth (-₹10.36 crore as of March 31, 2026), offset by modernised operations and improved capacity utilisation (60.47% in FY26 and 73.07% in 5MFY27). Subsidiary total operating income moderated 14% to ₹216.59 crore in FY26 following the sale of its loss-making distillery business, while PBILDT margins rose to 6.27% from 3.47%.
Confidence: HIGH
What changedCARE Ratings reaffirmed CMJ Breweries' credit rating at 'CARE B-; Stable' while reducing the rated debt facility amount from ₹98.80 crore to ₹56.50 crore.
Why it mattersProvides transparent visibility into the leveraged balance sheet, historical restructurings, and improving operational metrics of Asgard's major alcobev subsidiary.
Rated Bank Facilities: ₹56.50 croreSubsidiary Total Operating Income (FY26): ₹216.59 croreSubsidiary Net Worth (March 31, 2026): -₹10.36 croreSubsidiary Total Debt (March 31, 2026): ₹93.26 croreSubsidiary Capacity Utilisation (5MFY27): 73.07%
📅 Short termNeutral impact as the rating remains reaffirmed at 'CARE B-; Stable' with no rating upgrade or downgrade.
📈 Long termLong-term health hinges on successfully shoring up subsidiary net worth through equity infusion and maintaining capacity utilisation above 70% to service debt obligations.
⚠ Risk flags
- Subsidiary has negative net worth (-₹10.36 crore) and high total debt (₹93.26 crore)
- History of debt restructuring and pending OTS settlement payment of ₹9.00 crore by Feb 2027
- Heavily regulated sector with state-controlled pricing and taxation
Key Highlights
Long-term bank facilities reaffirmed at 'CARE B-; Stable' on a reduced quantum of ₹56.50 crore (down from ₹98.80 crore)
Capacity utilisation improved from 45.41% in FY25 to 60.47% in FY26, further rising to 73.07% in 5MFY27
Net worth remains negative at -₹10.36 crore as of March 31, 2026, though improved from -₹14.80 crore in FY25
Total debt of subsidiary increased to ₹93.26 crore in FY26 from ₹66.14 crore in FY25, while PBILDT interest coverage improved to 4.37x
Repaid ₹29.00 crore OTS dues to MIDCL on August 28, 2026; balance ₹9.00 crore payable by February 2027
👀 What to Watch
Track the proposed conversion of the ₹20.00 crore promoter unsecured loan into equity expected by October 2026 and the final payment of ₹9.00 crore due to MIDCL by February 2027.
Asgard Alcobev Q1 Cons. Total Comprehensive Income at ₹2.54 Cr; Standalone PAT at ₹12.12 Lakhs
Asgard Alcobev reported standalone net profit of ₹12.12 Lakhs for the quarter ended June 30, 2026, recovering from a net loss of ₹2.63 Lakhs in the year-ago period. Standalone revenue from operations was zero, with total income comprising ₹41.87 Lakhs in other income (interest on inter-corporate loan to subsidiary CMJ Breweries). On a consolidated basis, total comprehensive income increased to ₹254.05 Lakhs (₹200.45 Lakhs attributable to owners) compared to ₹65.18 Lakhs in Q1 FY26. The group now operates as a single-segment entity focused on Beverages following the divestment of its paper business.
Confidence: HIGH
What changedQ1 FY27 results show a return to standalone net profitability and an increase in consolidated net earnings post-divestment of the paper subsidiary.
Why it mattersProvides visibility into the financial performance of the group's pivot to the beverages business, though standalone operations remain entirely dependent on subsidiary cash flows.
Consolidated Total Comprehensive Income: ₹254.05 LakhsConsolidated Profit Attributable to Owners: ₹200.45 LakhsStandalone Net Profit: ₹12.12 LakhsStandalone Other Income: ₹41.87 LakhsStandalone Revenue from Operations: ₹0
📅 Short termMarket may take note of the YoY improvement in consolidated earnings, though standalone operations show no direct operational revenue.
📈 Long termLong-term valuation hinges on sustained revenue scale-up and execution within the alcobev segment at the subsidiary level.
⚠ Risk flags
- Zero standalone revenue from operations
- Standalone income is solely dependent on inter-corporate loan interest from subsidiary
Key Highlights
Consolidated Total Comprehensive Income increased to ₹254.05 Lakhs in Q1 FY27 from ₹65.18 Lakhs in Q1 FY26.
Consolidated Net Comprehensive Income attributable to owners reached ₹200.45 Lakhs with consolidated Basic EPS of ₹0.082.
Standalone Net Profit stood at ₹12.12 Lakhs versus a net loss of ₹2.63 Lakhs in Q1 FY26.
Standalone other income recorded at ₹41.87 Lakhs, derived from interest on loans to subsidiary CMJ Breweries Pvt Ltd.
👀 What to Watch
Track commercial revenue expansion and margins in the core beverage operations under subsidiary CMJ Breweries in upcoming quarters.
Q1 PAT at ₹12.12 L (Standalone); Subsidiary CMJ Breweries Posts ₹53.28 Cr Revenue
Asgard Alcobev approved its unaudited financial results for the quarter ended June 30, 2026. On a standalone basis, net profit stood at ₹12.12 lakh against a net loss of ₹2.63 lakh in Q1 FY26, driven entirely by other income of ₹41.87 lakh (inter-corporate loan interest from subsidiary CMJ Breweries). Standalone revenue from operations was nil, with total expenses recorded at ₹27.15 lakh. At the subsidiary level, CMJ Breweries Private Limited generated total revenue of ₹5,328.24 lakh (₹53.28 crore) and net profit of ₹241.93 lakh.
Confidence: HIGH
What changedAsgard Alcobev released Q1 FY27 financial results showing parent profitability supported by loan interest and substantial operational revenue from its operating subsidiary.
Why it mattersThe business operates essentially as a holding/financing structure at the parent level, making overall group performance entirely dependent on subsidiary CMJ Breweries.
Standalone Total Income: ₹41.87 LakhsStandalone Net Profit: ₹12.12 LakhsSubsidiary (CMJ Breweries) Revenue: ₹5328.24 LakhsSubsidiary (CMJ Breweries) PAT: ₹241.93 LakhsStandalone Paid-up Equity Capital: ₹3,115.33 Lakhs
📅 Short termThe results provide quarterly visibility into the group's beverage operations via CMJ Breweries, though standalone operations generate zero direct operating revenue.
📈 Long termSustained valuation and growth will depend on scaling CMJ Breweries and whether the company can maintain steady net margins in the beverage segment.
⚠ Risk flags
- Zero operating revenue at the standalone parent entity
- Complete operational reliance on subsidiary CMJ Breweries Pvt Ltd
- Promoter holding declined from 71.09% (Sep 2025) to 59.95% (Jun 2026)
Key Highlights
Standalone net profit reached ₹12.12 lakh in Q1 FY27 versus a net loss of ₹2.63 lakh in Q1 FY26
Standalone core revenue from operations was ₹0, with total income of ₹41.87 lakh coming from other income / interest
Subsidiary CMJ Breweries Pvt Ltd delivered ₹5,328.24 lakh in revenue and ₹241.93 lakh in net profit for the quarter
Standalone total expenses were ₹27.15 lakh, including employee benefit costs of ₹15.25 lakh
👀 What to Watch
Track subsequent consolidated quarterly earnings and cash flows from CMJ Breweries to assess the operational momentum of the beverage business.
